If you think that your iPhone is impenetrable thanks to its security passcode, think again. A new bug has been exposed in iOS 5.0.1 that allows unauthorized access to contacts and the calling features of the iPhone.

Admitedly, it is a long-winded hack, that involves inserting and ejecting the SIM card whilst trying to call the iPhone in question. Done for long enough, that opens up the contacts app, and also allows the unauthorized user to make phone calls.

iPhoneislam, the makers of the video, claim it's a "major" problem, but it's certainly not the kind of thing someone could do surreptitiously in a bar. Still, if someone managed to steal your phone, it would open up your contacts for them. Presumably this will be fixed in the public release of iOS 5.1. [iPhoneislam via The Verge]